Zura Bio (ZURA) Registration filing summary

Company overview and business model

• Clinical-stage biotech developing antibody medicines for serious autoimmune and inflammatory diseases with unmet medical need; focus on immune pathways supported by translational and clinical evidence.

• Lead candidate tibulizumab (ZB-106), in Phase 2 trials, is designed to block IL-17 and B-cell activating factor; pipeline also includes clinical-stage antibody assets.

Financial performance and metrics

• Net tangible book value at September 30, 2026 was $177.7 million, or $1.84/share; under the assumed ATM sale, adjusted value would be $287.8 million, or $2.24/share.

• As of September 30, 2026, 96,306,411 Class A shares were outstanding; outstanding options, restricted share units, pre-funded warrants and plan reserves create potential additional dilution.

• Significant losses have been incurred since inception; significant losses are expected for the foreseeable future, with substantial additional capital required to fund operations.

Use of proceeds and capital allocation

• ATM net proceeds are intended for working capital and general corporate purposes, including R&D, manufacturing, commercialization and strategic transactions; management retains broad discretion over use.

• Pending deployment, proceeds may be invested; the base prospectus specifies short-term, investment-grade interest-bearing obligations, CDs or U.S. government obligations.